3 ms·

Real quick, how do I challenge a transaction I made with Bitcoin?

• eru 3y ago
  On the one hand, in general with raw bitcoin, you can't. On the other hand, you can only lose the bitcoins you actually have. With a credit card you can go into debt.
  • emodendroket 3y ago
    That seems worse unless your big problem is not being able to exercise discipline (in which case a debit card would also meet your needs).
    • eru 3y ago
      Oh, I wasn't worried about debt, but about scams and fraud.
      • emodendroket 3y ago
        Then it seems clear to being in spurious debt you can dispute is better than losing all your money.
• computerfriend 3y ago
  You can't, but the model is different. If Bitcoin transactions involved giving your private key to every entity you wanted to transact with (like how credit card numbers work), then this would be a problem.
  • emodendroket 3y ago
    I don't think that really solves the problem... for instance, you can get your money back if the vendor does not render the product or service promised (with some restrictions of course). With Bitcoin, you're on your own.
    • PretzelPirate 3y ago
      With something like Ethereum, you can build refunds into your payment model as long as you and the merchant agree on a set of trusted 3rd parties who can handle any disputes. You can choose different trusted mediators for each transaction and can decide the rules (ex: how many of them are needed to decide that a refund has to happen). You can also choose not to trust any 3rd party. If I'm buying an on-chain digital item, I probably don't need to support disputes, but if I'm buying something off-chain and don't trust the merchant, I might want that protection.